Latest U.S. jobs report shows progress -Fed's Plosser

Published 4:54 PM ET Sun, 11 Nov 2012

AVONDALE, Penn., Oct 11 (Reuters) - The September U.S. employment report was "mostly good news" that shows some progress, though the labor market still has a long way to go, Charles Plosser, president of the Philadelphia Federal Reserve Bank, said on Thursday.

The jobless rate fell sharply to 7.8 percent last month, from 8.1 percent in August, as the economy added 114,000 new non-farm jobs. The jobless rate had been above 8 percent for three-and-a-half years.